Stocks extend overnight losses
KARACHI: The stock market repeated performance of a day earlier where the KSE-100 index moved aimlessly in choppy trade the whole day and finally settled with minor decline of 27.62 points (0.07 per cent) at 38,896.49.
The start was positive and the index managed to run up to intraday high by 106 points with major contribution to the turnover coming from small-cap stocks. Bank of Punjab, World Call Telecom and Dewan Cement cumulatively added almost a third to the aggregate volume. The index rebounded after hitting intraday low by 276 points as value hunters swooped to pick up stocks.
The only positive news that spurred activity in the cement sector was the Prime Minister Imran Khan’s statement that that low-cost housing scheme was a step towards poverty reduction as construction activity would help boost 40 allied industries, creating new employment opportunities in the country.
But the investors’ focus shifted quickly to the precarious economic conditions and slower economic growth indicated by decrease in large scale manufacturing numbers for 1HFY19.